A systematic literature review of fintech, financial inclusion and vulnerable groups

Abstract This paper follows the Preferred Reporting Items for Systematic Reviews and Meta-Analyses protocol to transparently and systematically search, screen and review 185 peer-reviewed journal articles on fintech and the financial inclusion of vulnerable groups. These articles were published in 136 indexed journals before 2025, involving 160 authors and affiliations from 64 countries. Descriptive statistics show that research focusing on women, poverty and rural communities has received much attention, whereas research concerning the elderly and people with disabilities remains limited. Additionally, there has been a significant upward trend in both the number of publications and citations in this field in recent years. The literature generally suggests that while fintech has the potential to facilitate financial inclusion for vulnerable groups, persistent challenges remain, particularly in addressing geographic, demographic and socio-economic inequalities. The limitations and recommendations of previous studies, and four key research gaps along with corresponding future research directions are outlined. First, the growing threats and risks associated with the use of fintech, such as digital financial fraud, cybersecurity breaches, and system vulnerabilities. Second, the need for more research on fintech and financial inclusion among the elderly, people with disabilities and migrants, especially the challenges and impacts of digital financial inclusion. Third, the interaction and bi-directional relationships, and the integration or substitution of fintech and traditional finance within the context of vulnerable groups. Finally, the role and function of regulatory frameworks, and regulatory and supervisory mechanisms in promoting digital financial inclusion for vulnerable groups amid the rapid growth and evolution in fintech.